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Bank Muscat considering sale of brokerage division

BBR Staff Writer Published 10 June 2014

Oman-based financial services provider Bank Muscat is reportedly considering the sale of one of its brokerage division in the sultanate.

In a bourse filing to the Muscat Securities Market (MSM), the lender said the sale is among the several strategic options being considered for the business, and noted that any further material information will be disclosed accordingly.

The division will continue its operations in the meantime without any impact on customers, the bank added, without giving a timeframe for the potential sale, and value of the division.

As one of the bank's 21 licensed brokerages in Oman, the unit serves both foreign and domestic clients within Oman, and also offers brokerage services on some other regional bourses through a network of partners, as reported by Reuters.

The division had recorded a total of OMR239m ($623m) in securities trading in 2013, which represents the third biggest share of Oman securities trading in that year, according to stock exchange data.

Bank Muscat does not disclose the financial performance of the brokerage business in its annual reports.